Management

Timothy L. Barton, Chairman of the Board and Chief Executive Officer

Mr. Barton, is responsible for closing over two-billion dollars in transactions and is widely known for his ability to seek out opportunities and then structure these transactions in a manner that best optimizes returns for the Company and its investors. Mr. Barton’s experience began with his family’s real estate business in Connecticut; however, he soon moved to Texas where he formed JMJ Holdings and began to specialize in large-tract land developments. Mr. Barton was also the founder of Allegiance Capital, a premier investment banking house in Dallas. It’s clear Mr. Barton is carving a niche for both himself and the Company that is significant in both the development and hospitality sectors of the real estate industry.

Steve Wall, Managing Director, Home Building

Mr. Wall has over 35 years of experience and been responsible for building thousands of single-family residential homes throughout various major markets throughout the southern United States with an emphasis in the State of Texas, in particular. He began his career with D.R. Horton, a national home builder and spent over 25-years with Choice Homes. Mr. Wall helped grow Choice Homes from start-up to become Chief Executive Officer in 1999. As Chief Operating Officer, Mr. Wall repositioned Choice Homes to become the number one builder by units in Dallas – Fort Worth during 7 years. As Chief Executive Officer, Mr. Wall focused on profitably, technology and efficiency. He expanded into new markets in Atlanta and major metropolitan Texas markets by building a brand known for value and quality that delivered profits for shareholders. Choice Homes became the second largest private builder in the United States as listed by Builder magazine and was ranked in the top 25 builders in the United States for all 7 years under Mr. Wall’s leadership. In 2005, Mr. Wall began his own companies focusing on the Texas markets.

Among Mr. Wall’s many awards and community involvements are the following:

Mr. Wall is a member of the Boards of a number of educational institutions, Fort Worth Builders Association and Arlington, TX Chamber of Commerce.  With his vast knowledge of the Texas major markets, Mr. Wall head the Home Building unit for JMJ Holdings USA.

Eric Reehl, Chief Financial Officer

Mr. Reehl is our Chief Financial Officer, with more than 30 years of experience in finance, investing, and asset management at both public and private companies, in regulated industries and private.  Throughout his varied career, he has provided leadership direction for many companies across a range of industries and circumstances.

In 2008, Mr. Reehl founded Nima Asset Management, LLC in the Dallas/Fort Worth area and is the Managing Member. On behalf of one of his clients and the FDIC, he served as the Interim Chief Financial Officer on behalf of the FDIC for a Park Avenue Bank in New York City, where he helped the assisted sale of the bank in March 2010.  For another client, Empire Resorts, Inc., a publicly traded company regulated by the New York State Gaming Authority, he served as Chief Restructuring Officer where he led a successful debt restructuring and equity raise.

Mr. Reehl was previously employed by Plainfield Asset Management, in Greenwich, CT, where he served as Managing Director of the $5 billion hedge fund and led the investment in several real estate and finance related companies. Prior to Plainfield, he led the Direct Lending Group team in New York for CSG, a subsidiary of Beal Bank in Texas. Prior to CSG/Beal Bank, he was a senior advisor for Ernst & Young’s Restructuring Group in New York.

For twelve years beginning in 1990, Mr. Reehl was with Woodhaven Investors Inc., a New York based private equity firm. He served as a Managing Director and as officer and director of select portfolio companies. Most notably, Mr. Reehl served as Executive Vice President and Chief Financial Officer of Home State Holdings Inc., a publicly traded property and casualty insurance holding company.

Mr. Reehl has served as Board Member of several public and private companies, both domestic and internationally. He has an Undergraduate and Master of Business Administration in Finance and Accounting from the University of Texas at Austin.

Mark Adams, Vice President, Capital Markets

Mr. Adams oversees all company investments, capital markets and management activities.  Mr. Adams has more than 25 years of financial structuring and real estate experience and has consistently exhibited an ability to produce investment strategies that are both imaginative and highly lucrative. Mr. Adamscreates an atmosphere in which financial structures and business acumen ensure our world-class real estate projects flourish. Mr. Adams has served as a financial advisor to some of the largest Fortune 500 corporations and spent two years as a consultant to the Federal Deposit Insurance Corporation to assist in the bank closure process and the potential recovery of assets. Mr. Adams also is credited for co-writing the “Speis-Adams” bidding model utilized to evaluate multi-million dollar portfolios for acquisition. Most recently, Mr. Adams has successfully coordinated the issuance of $28 million in Assessment Bonds for the State of Tennessee (the first for Nashville, Tennessee).

Michael Matthews, Chief Land Acquisition and Development Officer

Mr. Matthews has more than 25 years experience in development, construction and acquisition of land, residential, office and multifamily projects throughout the United States. He has directed the overall development process, including concept, entitlement, architectural, planning, design and engineering, contract negotiation and administration and project management for over $1 billion in completed development.  Mr. Matthews is a highly analytical, team leader with a strong financial background and hands on construction experience with proven ability to direct large scale commercial projects. His approach and strategy is grounded in financial analysis and underwriting and he has orchestrated more than 7 million square feet of projects representing over $2 billion in transactions with a successful track record of completing difficult projects with successful outcomes. He excels at team building and promoting strategic vision and goals. Mr. Matthews has extensive experience with overall P & L responsibility, and project budget and schedule control across diverse product categories and geographic regions. He has a reputation for a strong work ethic, high energy and the ability to manage multiple, varied projects simultaneously.

Bryan Brown, Multifamily Acquisition Officer

Mr. Brown has a diverse background of forming and operating business and real estate development. Mr. Brown founded Cardinal MF LLC, a real estate development & financial advisory company, and is currently a Managing Member. Cardinal MF LLC has participated: As a developer of Park at Marketplace, a 360-unit multifamily complex, As a developer and financial advisor to University Village, a 998-unit multifamily project with 116-acre mixed use development in partnership with UTSA BLVD IH10, LP, As a financial advisor to Anthem, a 673-acre master-planned community in Kyle, Texas, In a financial advisory capacity to Windcrest Crossings, a 27-acre commercial project in northeast San Antonio.

Prior to founding Cardinal, Mr. Brown served as CEO of Retama Entertainment Group, a class 1 pari-mutuel horseracing track in Selma, TX for more than 16 years. He oversaw the operations of Retama Park until it was acquired by Pinnacle Entertainment. Mr. Brown was also Project Director of Riverwood and President of Riverwood Realty, Inc. Riverwood Golf Club (Port Charlotte, Florida), is a 1250-acre master-planned golf course community with a wide variety of single and multifamily offerings. He founded and served as Chairman of the Riverwood Community Development District, withh the issuance of bonds, built and financed all infrastructure of the project including a 1 million gallon per day wastewater treatment plant on site.

Major financing’s led by Mr. Brown include institutionally placed debt, privately placed debt, privately placed equity, tax increment financing, special purpose districts and bond defeasance.

Mr. Brown is a graduate of The University of Texas at Austin having received an MBA in Finance and Organizational Behavior and a BBA in Finance.

Steve Sanders, Mezzanine Lending and Deployment Officer

Mr. Sanders’ career has spanned thirty-six years in real estate investments, development, dispositions, site selection, entitlements, and project management. Along with Mr. Brown, he founded Cardinal MF LLC, a real estate development & financial advisory company, and currently serves as a Managing Member.

Prior to founding Cardinal MF, Mr. Sanders was a Senior Investment Manager of Stratford Land Fund, the largest Land Fund in the United States. As an Investment Manager, he was responsible for all investments, dispositions and asset management for the Texas region of Stratford Land. Mr. Sanders was also in charge of the Western U.S. for Stratford’s lending platform. Stratford’s platform had the following characteristics:

Mr. Sanders has been the area Partner with Jones Lang LaSalle/Staubach Co. in Austin and San Antonio. In his eight years at JLL/Staubach, Mr. Sanders was lead broker on over $325 million in transactions. Mr. Sanders has received:

Major clients at JJL/Staubach Co. included Apple, Toyota, Electronic Arts, The Hartford, Cirrus Logic, The State of Texas, UTSA, and The University of Texas Medical Branch.He has practiced in and has a tremendous network of contacts across multiple markets including Texas, Oklahoma, Florida, Colorado, Arizona, and California.

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